November 21, 2012
- Nifty daily trying to stay above a falling support line. If this line is not broken we may see an up move.
- Weekly chart is showing a MACD Sell signal . If the MACD signal takes effect then price may slide towards Weekly middle bollinger band. A weekly close below this level could bigger down moves for nifty.
- So for bulls price should sustain above the falling support line and should move above the 50 Day SMA.
- ES nearing the broken support level or the neck line of the head and shoulders pattern.
- Second chart shows price with 20 and 200 Day SMA. The current setup looks very similar to the one happened on the left hand side which means more up moves to come. For bulls price need to sustain above 20 Day SMA.
- Fib level shows the Golden ratio reversal and price at the broken 38.2% Fib level.